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Bitcoin rises above $50k after Ether’s biggest single-day gain in six weeks

Bitcoin rises above $50k after Ether’s biggest single-day gain in six weeks
CoinDesk Analysis TeamCoinDesk Analysis TeamCoinDesk

Bitcoin is gathering steam in the wake of ether’s rally to a 3 1/2-month high.

The top cryptocurrency by market value crossed the $50,000 mark for the first time since Aug. 23 and is trading 2.7% higher on the day at press time, CoinDesk 20 data show.

The move higher comes a day after ether, the native token of Ethereum’s blockchain, jumped above $3,700, reaching the highest level since mid-May. The token ended the day with 11% gains, the biggest single-day rise since July 21. Analysts foresee continued gains in ether.

Bitcoin also looks north, with data pointing to bullish bias among large investors. The Commitment of Traders (COT) report published by the U.S. Commodity Futures Trading Commission (CFTC) on Friday showed asset managers holding an all-time high long exposure of $165 million. “The net exposure of asset managers is positive for the first time since April, indicating that the institutions have turned bullish on bitcoin,” Arcane Research noted in the weekly report published Tuesday.

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CoinDesk Analysis Team

CoinDesk is the media platform for the next generation of investors exploring how cryptocurrencies and digital assets are contributing to the evolution of the global financial system.

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